Vote of the Week: Energy XXI

Our “Vote of the Week” features Energy XXI. A company with triennial Say on Pay votes, Energy XXI received 26% support in 2014 after receiving 90% support in 2011. The decreased support is likely due to increasing CEO pay opportunity and Committee determination of above-target annual incentive payouts during a period of mixed financial and market results, as well as above-median benchmarking practices and grants of long-term incentive and retention awards that are not rigorously performance-based.